On 15 May 2014, NORDEN initiated a share buy-back programme in accordance with EU Commission Regulation no. 2273/2003 (the Safe Harbor method), which ensures that the Company is protected against violation of insider legislation during the share buy-back.

Under the share buy-back programme, NORDEN will purchase treasury shares for up to a total of USD 10 million (approximately DKK 54 million). The share buy-back programme runs until 12 August 2014 at the latest.

Since the company announcement of 14 May 2014 initiating the share buy-back programme, the following transactions have been made:

Date

Numberof shares

Averagepurchase price (DKK)

Transactionvalue (DKK)

15/05/2014

6,655

214.83

1,429,694

19/05/2014

10,000

214.93

2,149,300

20/05/2014

9,900

216.28

2,141,172

21/05/2014

13,000

213.53

2,775,890

22/05/2014

10,000

214.41

2,144,100

23/05/2014

10,000

214.44

2,144,400

Accumulated

59,555

214.67

12,784,556

Since the share buy-back programme was initiated on 15 May 2014, the total number of repurchased shares is 59,555 at a total amount of DKK 12,784,556.

With the transactions stated above, NORDEN holds a total of 2,335,195 treasury shares, corresponding to 5.4%. The total number of shares in NORDEN is 43 million. Adjusted for treasury shares, the number of shares is 40,664,805.

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